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affordability is defined as mortgage or rent payments that do not exceed more than 30 per cent of a household’s gross monthly income.
If a family makes $50,000 per year before taxes, for instance, anything more than $15,000 per year (or $1,250 per month) spent on rent would put them in an unaffordable situation.
Unaffordable housing situations have been shown to have serious negative outcomes related to communities’ health, crime rates, homelessness, the well-being of children and economic growth.
theconversation.com
If a family makes $50,000 per year before taxes, for instance, anything more than $15,000 per year (or $1,250 per month) spent on rent would put them in an unaffordable situation.
Unaffordable housing situations have been shown to have serious negative outcomes related to communities’ health, crime rates, homelessness, the well-being of children and economic growth.
Two-thirds of Canadian and American renters are in unaffordable housing situations
Most research on unaffordable housing has focused on homeownership, but rental affordability is also a serious issue.
theconversation.com
